The UK and Europe’s economy has performed better than expected in January

Today's expected range for the Canadian Dollar against the major currencies:

US Dollar        1.3400-1.3500

Euro                1.4550-1.4650

Sterling           1.7000-1.7100

WTI Oil (opening level) $78.24

The US Dollar index is marginally weaker this morning in a quiet overnight session as the Dollar remains under pressure this week. The Greenback lost some ground to both the Euro and Pound as both of those economies reported slightly better than expected results yesterday but the index still remains up on the year.

The Canadian Dollar lost a little ground to the Euro and Pound as well overnight but did manage to hold on against the US Dollar. Yesterday saw the inflation rate fall to 2.9% so that should keep the Bank of Canada content as the rate of inflation slowly moves back to their 2% target.